Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of energy and aerospace service provider Woodward (NASDAQ:WWD) jumped 16% today after the company reported earnings.

So what: Fiscal third quarter revenue was up 8% to $524.3 million and earnings per share more than doubled from $0.34 to $0.69. Bottom-line results easily topped the $0.60 per share in earnings that Wall Street analysts expected.  

Now what: Management pointed to a better macro economy, strong commercial aircraft demand, and renewable energy as drivers of earnings. They also think these trends will continue and revenue will be at the top end of the range of $1.95 to $2.05 billion and earnings will be $2.35 to $2.45 per share this year. There's not a lot of value with shares trading at 22 times the upper end of that range, but if this pop wears off and investors can get in at a lower price the fundamental business is performing well and should for the next few years.

Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.